The Ghana Gold Board (GoldBod) has engaged licensed gold traders as part of ongoing efforts to strengthen transparency, fairness and accountability within Ghana’s artisanal and small-scale mining (ASM) gold trade.
The engagement forms part of a broader strategy by GoldBod to align the country’s gold trading practices with international standards while ensuring that miners, traders and the Ghanaian economy derive maximum value from the sector.
According to GoldBod, the discussions focused on promoting responsible and ethical gold trading practices and enhancing compliance with globally accepted industry standards. The initiative is expected to contribute significantly to ongoing reforms aimed at formalising and improving governance within the ASM sector.
A major highlight of the engagement was the introduction of key measures designed to improve pricing transparency and market confidence. Among these measures is the adoption of the London Bullion Market Association (LBMA) pricing formula and trading window, which GoldBod said will help ensure fair and transparent pricing of gold across the sector.
The adoption of the LBMA pricing mechanism is expected to provide miners and traders with internationally benchmarked prices, thereby reducing pricing disparities and enhancing confidence in Ghana’s gold market.
GoldBod further indicated that all gold transactions will be required to be recorded and booked within the approved LBMA pricing window. The measure is intended to strengthen accountability, improve traceability and ensure that all transactions are conducted within established regulatory frameworks.
The Board noted that improved record-keeping and adherence to internationally recognised trading standards will not only protect the interests of stakeholders within the gold value chain but also enhance Ghana’s reputation as a responsible source of gold on the global market.
GoldBod reaffirmed its commitment to building a responsible and sustainable artisanal and small-scale mining sector that protects Ghanaian miners, promotes ethical trading practices and supports stronger participation of the country’s gold industry in international markets.
The engagement with licensed traders forms part of a series of ongoing reforms being implemented by GoldBod to improve governance, encourage responsible sourcing and position Ghana as a leading player in the global gold trade.
SOURCE: MAVIS FANTEVI